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Review 10Y Auction, Strong Sale


Tsy futures extends session highs after strong $37B 10Y note auction (91282CDY4) trades through 2.3bp: 1.904% high yield vs. 1.927% WI; 2.68x bid-to-cover better than last month's 2.43x but still shy a 2.51x 5-month average

  • Indirect take-up surges to 77.56% vs. 65.53% last month (lowest since July '21); direct bidder take-up falls to 15.00% vs. 17.86%, while primary dealer take-up shrinks to 7.44% vs. 16.61% prior.
  • Next 10Y auction (re-open) is tentatively scheduled for March 9.

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